Mint.com is a new online budgeting tool. You input your bank and credit card logins for their websites and it gathers the data and pulls all of your financial information together. It simplifies everything because it’s all in one place. You don’t have to login to six different websites to pull up your balances. They also have an alert system to notify you when your balances become low so you don’t overdraft.
I tried it out and was actually very impressed. If you’re not sure how to budget or don’t want to bother, Mint is a great way to keep track of your money. I personally found it a little too simple for me. I have an exact image of the way I want my budget to be and I’ve just had to keep using a spreadsheet do so.
I really like how it breaks down spending and shows trends. It doesn’t always recognize certain charges, but for the most part, it puts them in the right categories. It compares cash and debt, which is nice since apparently it thinks I have more cash than debt (it doesn’t know my poor “cash” is really all debt in student loans.) It does know, however, that my most frequent stop is at HEB (grocery store).
The feature that shows ways you can save money by switching accounts is nice, but doesn’t really apply to a college student with little credit. Mint thinks I could save $424 by switching checking accounts and credit cards, but what it doesn’t know is that I can’t just get another credit card because mine has too high of an interest rate.
Of course, there are some drawbacks to a website like this, the most important being that they have your bank information. As a paranoid person, I just don’t like giving other people my passwords to anything, much less my bank accounts. What with all the security leaks recently, I’m even more paranoid. It doesn’t take much to hack a website and steal all of this information. Other than that, sometimes it seems too simple for me. I have a pretty complicated plan for my budget and have yet to find a program that does what I want.